Tata Sons reasons for my ouster are false, malicious: Wadia

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In another twist in the Tata-Mistry saga, independent director Nusli Wadia has said that the reasons given by the Tata Group for his removal are false, defamatory and malicious.

Wadia further said that Tata Sons failed to substantiate any allegations made and have more to do with "personal vendetta". The reasons for his ouster need to be published for the benefit of shareholders, he said.

Wadia is a director on boards of Tata Chemicals, Tata Steel and Tata Motors.

Earlier in the day, sources told CNBC-TV18 that the people close to Ratan Tata and erstwhile Tata Sons Chairman Cyrus Mistry are attempting to reconcile differences over Mistry's outser. They said that "informal and exploratory" talks have commenced between the two camps in an attempt to chalk out a truce .

Tata Sons will be holding an extraordinary general meeting (EGM) on December 26 to discuss petitions to remove Cyrus Mistry and Wadia from the board.

Sources from Tata Sons has alleged that Wadia is working with Mistry to destabilize the Tata Group.